LKQ Corporation, parent company of PGW Auto Glass, saw growth in its fourth quarter in 2018 and the year as a whole, according to its latest financial results. The company’s revenue increased by 22 percent, which is an increase of 11.9 billion dollars for the year. Meanwhile, LKQ also saw an increase of 22 percent in its fourth quarter.
“Looking back on 2018, I am proud of the team’s efforts to produce solid organic growth across all of our segments and effectively manage working capital to allow us to produce the highest annual operating cash flow figure in the company’s history. While I acknowledge that the 2018 results didn’t live up to our initial expectations due to operational challenges in parts of the business and economic headwinds, particularly in Europe, I believe we are taking the necessary steps to position the Company for continued success,” said Dominick Zarcone, LKQ Corporation CEO and president.
The company’s annual organic revenue growth for parts and services saw an increase of 4.4 percent for the year, while an increase of 2.5 percent was a result in its fourth quarter. According to the report, LKQ’s operating cash flow is up a massive 37 percent, or $711 million compared to last year.
During its fourth quarter the company also acquired three wholesale businesses in North America and two wholesale businesses in Europe, according to the report. LKQ’s European operations also opened five branches in Eastern Europe during its fourth quarter.
Towards the end of 2018 the company announced it will have a new chief operating officer effective on or about April 1, 2019. Arnd Franz is set to join LKQ Europe as its chief operating officer and will report directly to John Quinn, LKQ Europe CEO and managing director.
“As we look forward to fiscal 2019, we will continue to execute on our productivity initiatives across each operating segment and remain focused on profitable revenue growth, margin enhancement, excellent cash conversion, and optimizing our capital allocation strategy,” said Zarcone.